Cantor boosts Corbus target to Street-high $36 after Roche study ‘fell short’

Cantor Fitzgerald analyst Elemer Piros raised his price target for Corbus Pharmaceuticals to a Street-high $36 following abstracts from the American College of Rheumatology meeting, which is taking place in October. Among the abstracts, Phase 3 data from Roche’s (RHHBY) Phase 3 systemic sclerosis study with competitive agent tocilizumab fell short on its primary endpoint in modified Rodnan skin score, Piros tells investors in a research note partially titled “Lenabasum’s Gain, Following Tocilizumab’s Loss.” The analyst believes the results establish Corbus’ lenabasum, in Phase 3 now for systemic sclerosis, as the” only compelling treatment option for patients in this rare and life-threatening disease.” Further, Additionally, Piros believes lenabasum’s resolution of inflammatory activity was further validated in an assessment of interferon response in patients with dermatomyositis. The analyst reiterates an Overweight rating on the shares. Corbus Pharmaceuticals in afternoon trading is up 7.5c to $5.28.
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